HMT has gained by more than 5% at Rs 31.30, extending its 17% rally in past two trading days after the company said it received approvals for its restructuring plans from the Government of India.
The government will "lend financial support of Rs 1083.48 crore which includes cash infusion of Rs 425 crore against which the company has to issue of 8% redeemable preferential share capital," HMT said in a filing with the BSE.
In the phase I the Government of India has released the sanctioned funds amounting to Rs 217 crore.
The board of directors of the company on January 25 has already approved the allotment of fully paid-up 8% redeemable preference shares of Rs 100 each for a face value of Rs 217 crore in favour of President of India.
The stock opened at Rs 30.25 and touched a high of Rs 32.30 on BSE. A combined 2.6 million shares changed hands till 1100 hours against an average sub 1 million shares that were traded daily in past two weeks on the BSE and NSE.
The government will "lend financial support of Rs 1083.48 crore which includes cash infusion of Rs 425 crore against which the company has to issue of 8% redeemable preferential share capital," HMT said in a filing with the BSE.
In the phase I the Government of India has released the sanctioned funds amounting to Rs 217 crore.
The board of directors of the company on January 25 has already approved the allotment of fully paid-up 8% redeemable preference shares of Rs 100 each for a face value of Rs 217 crore in favour of President of India.
The stock opened at Rs 30.25 and touched a high of Rs 32.30 on BSE. A combined 2.6 million shares changed hands till 1100 hours against an average sub 1 million shares that were traded daily in past two weeks on the BSE and NSE.
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